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Finance Bill 2013: Consultations update

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17th Aug 2012
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The Tax Faculty has published an update to monitor the progress of government consultation documents (condocs) announced at Budget 2012.

Most of the consultations have been carried out throughout the summer with a view to draft clauses being published in December and included in Finance Bill 2013.

The titles consultations include:

Personal tax

  • Gift Aid small donations relief - closed
  • Income Tax Rules - closed
  • Simpler income tax for the simplest small businesses - closed
  • Personal service companies and IR35 – Controlling persons - closed
  • Life insurance: qualifying policies - 6 September
  • Statutory residence test, the abolition of ordinary residence and the retention of overseas workday relief - 13 September
  • Enterprise management incentives for academics - 18 September
  • Tax advantaged employee share schemes - 18 September
  • Cap on unlimited reliefs - 5 October
  • IHT: periodic charge on trusts - 5 October

Company tax

  • Research and Development – above the line credit - closed
  • Real Estate Investment Trusts - closed
  • Disincorporation relief - 30 August
  • Corporation tax relief for the creative sector - 10 September
  • Oil and gas: decommissioning certainty - 1 October
  • Foreign currency assets and chargeable gains - 15 October

Tax avoidance

  • General Anti-abuse rule - 14 September
  • Lifting the lid on tax avoidance schemes - 15 October
  • Attribution of gains to members of non-resident close companies and transfers of assets abroad - 22 October
  • Manufactured payments - closed
  • Ensuring the fair taxation of residential property transactions – 23 August
  • Unauthorised unit trusts - 30 September
  • Stamp duty land tax: sub sales - 9 October

VAT and duties

  • Combined bingo - condoc not yet published
  • Herbal Smoking products - closed
  • Remote gambling - closed
  • Addressing borderline anomalies - closed
  • Road fuel scale charge - closed
  • Small cable based transportation systems - 17 October

Tax administration and regulations powers

  • Withdrawing a notice to file a self-assessment form - closed
  • Securing compliance with RTI - 6 September
  • Simplification of regulatory penalties - closed

There are five stages to the development and implementation of tax policy, following the format of the Tax Consultation Framework, which are:

  1. Set out objectives and identify options
  2. Determine the best option and develop a framework for implementation including detailed policy design
  3. Draft legislation to effect the proposed change
  4. Implement and monitor the change
  5. Review and evaluate the change

All consultations are expected to have reached stage three by December when draft legislation will be published for further comment. 

Further reading:

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